Computer Crime Research Center (CCRC) reports that cybercrime cost has risen to about $12 trillion by 2025. Orange Cyber Defense and Checkpoint is of the view that ransomware and cyber attacks have been on a perpetual rise in the past year.

Artificial intelligence is feared to be a major factor in the increase of cybercrime. Also, the rise in the registration of domains, totaling about 910% monthly, is a factor to be feared.

The CCRC made some statements concerning the part played by AI in surging Cybercrime; “The danger landscape surrounding artificial intelligence (AI) in particular is growing rapidly, with attackers employing sophisticated linguistic strategies like longer sentences, more punctuation, and higher text volume.”

According to the trend, threat actors can create complex, targeted attacks quickly and extensively, thanks to generative AI. Artificial intelligence (AI) will be used to create new malware and ransomware variants more quickly and cheaply. Phishing and impersonation attempts will become more sophisticated and AI will be welcomed by businesses.

According to CCRC, there were a lot of programs that took place in 2023, to enlighten the public on the risk of cybercrime, and how to try to avoid it. Moreover, It is further said that, although cybersecurity is now a board-level concern, the executive board should take a more active role in promoting cybersecurity risk governance and steering committees to reduce the risks that the business or government agency faces.

A projection from the research firm was that cyber extortion will continue to be a major problem, with about a 30-50% rise. Additionally, continents like Africa and South Asia will have the highest number of attacks, due to their recent growing economy.

The most susceptible vertical markets will be those in manufacturing, retail, finance, professional services, and utilities. This is partially due to technology maturity, weaknesses in their network’s outdated design, and higher risk effect levels to the organization from cyberattacks.

In 2024, hacktivism is expected to remain strong as threat actors will persist in targeting government agencies or firms that provide political support to particular entities. Due to its significant impact on business continuity, distributed denial-of-service (DDoS) attacks are still commonly used, according to the report.

To provide systematic and scientific assistance and consultation on legal, criminal, and criminological issues related to cybercrime, the Computer Crime Research Center was established in 2001. The Center gains expertise and analyzes research findings about science and practice

Habeeb Okunlade
Habeeb Okunlade
I'm Habeeb Okunlade. I'm an undergraduate of OAU, and also a professional wordsmith armored with the skill of creating amazing writeups. I pride myself in crafting engaging, and well structured writeups, tailored to the satisfaction of my audience.

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